VOL. 119 | NO. 76 | Tuesday, May 3, 2005
By Andy Meek
Developers Plan Front Street Condos
10-unit project adds to hot Downtown building market
The Daily News
A development team is sketching plans for another addition
to the bustling condo market Downtown, where the group hopes to build a
four-story, 10-unit condo development at the corner of Pontotoc Avenue and
Pinnacle Partners of Memphis LLC is developing the condo
project on the site of a parking lot next to Guss World Famous Chicken at 310
S. Front. The group purchased property at 301 S. Front, as well as a 12,000-square-foot
parcel across the street that will house the development. Don Wallace,
president and owner of Horizon Construction LLC, said the developers plan to sell
the 301 S. Front property.
The project is still in the design stage, and construction
should begin in late July.
High-end finishes. Wallace
said units will tentatively range in size from 1,700 square feet to 2,600
square feet. The highlight of the project, he said, will be upgraded amenities,
such as 10-foot ceilings, hardwood floors, balconies and porches. Other
features likely will include covered parking and exterior masonry finishes, as
well as a common area on the buildings top floor.
The units will sell from $190 to $210 per square foot. The
building will contain a total of 23,000 square feet of livable space.
The main thing is theyre looking at a higher-end market,
so theyre thinking they need to add details and amenities to it to hit that
mark, said Jeff Blackledge, one of the projects
Traditional design. Site
work has not begun yet, and over the next couple of weeks, Blackledge
said the developers will tighten up design elements and nail down final details
though the development team already has a concept in mind for the units.
Early on, there was discussion of having it aesthetically
very traditional, almost New Orleans-style, with balconies and things, Blackledge said. But at this time, the main thing thats
known is were going to put parking underneath the site has a slope to it,
and were going to put parking underneath and put multiple units on top of
that. A couple of the penthouse units may have river views, as well.
It will be purely residential, and depending on how the
parking works, at this time Im not sure if well be able to get all the
residential on the lower floors connected to the street with direct access. But
for me, that will be the goal, to make sure theres a good street presence with
the lower floors.
Pinnacle Partners of Memphis LLC will own and develop the
project, and Horizon Construction will build it, Wallace said.
Knowledgeable team. Blackledge joins Woodard Architecture in designing the
project a deliberate choice by the development team.
We decided to go with both of them because of Jeffs expertise
Downtown, and I have a pretty good relationship with Scot on the other side,
Wallace said. So we felt like, time-wise, we could develop this thing and put
it together in a lot shorter time frame with both of them being involved.
The property will offer a variety of amenities, he said.
Its going to be secured, with an automatic gate, and we
know that were going to do some covered parking, Wallace
said. We foresee the interior with nice moldings, hardwood floors some
pretty nice amenities and finishes in it.
Bevy of development. The
project is one of the latest additions to the mix of condo projects going up
Downtown over the next several months. Wallace said the development is a continuation
of the major theme of Downtowns condo explosion: more, more, more.
From what Ive learned over the last six months or so, its
on a fast-paced track; theres a lot of it going on and theres more to come,
he said. It seems to be they dont get them out of the ground until theyve
got them sold.
Blackledge, who is involved in
similar projects elsewhere Downtown, agreed that immediate need is still strong.
Among his current projects, Blackledge is turning the
vacant D. Canale warehouse at 415 S. Front into 20
condo units along with developer James Rasberry.
The need is there, plus the location I mean, youre three
blocks from the arena, Beale Streets right there, the Orpheums right there
and restaurants are within a couple of blocks. My notion is that anything along
Front through there has a great deal of potential, just because of its
location. And then the proximity to the river if you can get up, then you can
get river views, which adds another amenity to what you can offer.